Organised futures market evolved in India by the setting up of "Bombay Cotton Trade Association Ltd." in 1875. In 1893, following widespread discontent amongst leading cotton mill owners and merchants over the functioning of the Bombay Cotton Trade Association, a separate association by the name Bombay Cotton Exchange Ltd was constituted.
While India is one of the largest food producers of the world with the organised sector accounting for food output worth $34827 million, only a small percentage of its farm produce is processed into value-added products.
India's Agriculture Minister Sharad Pawar says the government is taking a series of measures to liberalise futures trading in commodities.
Pawar said the decision to float a fresh wheat import tender on government account this week was also correct.
With the Assembly elections slated for December 11 and 16 in the state, no milk cooperative has dared to reduce the milk procurement price during this glut season.
In India, all that glisters is gold. That is the 21st century message the one-billion strong India, witnessing a surge in consumer spending, is sending out to the world. If you have any doubt about Indian consumer's obsession with gold, just walk into any shopping mall, busy streets and market roads across Indian cities and towns. The shops which are swarmed by customers are certainly jewellery showrooms these days.
Despite two interest rate cuts from the Fed, concerns about the strength of the economy and the persistence of the credit crunch have so far kept high-yield bonds -- or junk bonds -- under pressure. Look at the closed-end funds, in particular. The gap between the value of the bonds held by these funds -- their net asset values -- and their market price is at historic highs.
In 2006, Chinese mines produced 240 tonnes of gold, about 10 per cent of global production, and up from 224 tonnes in 2005. Output was just 11 tonnes behind Australia, the world's third largest gold producer. So far this year, gold output is up 13.10 per cent from last year, and reports indicate steady growth over then next five years.
The letter 'e' has assumed special significance in this computer age. 'E-mail', 'e ticketing', 'e-booking', 'e-filing of return' and the words like that are pass. But 'e charkha'? One tends to become a bit sceptical about the existence of such a word in the first place, leave alone the product itself. If the Khadi & Village Industries Commission is to be believed, e-charkha is a reality.
London has been named the world's leading center of commerce in a survey by Mastercard. The survey found that London outpaced New York in four of the six dimensions used by the Worldwide Center of Commerce Index: economic stability, ease of doing business, financial flow and business center. While the other three are self-explanatory, business center "depends on the clustering effect of business formation, supported by efficiency in logistics and transportation linkages."
The spot gold price has gained 6 per cent this month after closing September in the high $730s. In just two months, gold has amassed 15 per cent in gains, up nearly 25 per cent so far this year. Analysts, however, say the market could be getting overheated and in need of a correction. Jon Nadler of Kitco.com agreed, telling traders to "stay on the alert for another arm-wrestling session between the profit-takers and the buyers out there."
A delegation from Russia is in India now to authorise some laboratories to certify the quality of the commodities exported to Russia. The delegation is visiting various labs and processing units from various parts of the country, including Mundra port. Russia had banned export of groundnut and sesame seed from India on May 1 this year on the basis of quality parameters of a single consignment.
The gas major "plans to invest Rs 76,000 crore (Rs 760 billion) domestically and Rs 46,000 crore (Rs 460 billion) overseas" during five-year plan ending 2012, its Chairman and Managing Director R. S. Sharma told reporters in Mumbai. The company earns a cash profit of Rs 2,000 crore (Rs 20 billion) per month and domestic investments will be made through internal accruals.
In an interview, Jay Matulich of Septos Capital Management said that bullishness in commodities may be slowing down.
Sounds a little far-fetched -- but it's true. You see the EU is in desperate need of a substitute for common gasoline for its cars and diesel for the huge trucks. Given the shaky security of oil supply, it's no surprise that engineers are taking some unusual approaches in trying to find a replacement for fossil-based fuels.
The top slots at three Tata companies -- Tata Motors, Tata Steel and Tata Consultancy Services -- will be up for grabs in two years with incumbents Ravi Kant, B Muthuraman and S Ramadorai due to retire in 2009.
Over 1,800 types of commodities, including copper, lead, zinc and cloth, are added to the category. Importers will have to deposit half of their payable levies (including import duty and VAT) at the customs when they import raw materials.
Delhi's power problems could go for a toss if Gas Sales Agreement that GAIL (India) Limited has inked with Pragati Power Corporation Limited to supply 2 MMSCMD of R-LNG becomes operational. The peak demand for electricity in Delhi is slated to grow from the current 4100 MW to 5630 MW in 2010 as per the estimation of Central Electricity Authority.
In 2006, Brazil, Russia, India and China accounted for about 41 per cent of global steel demand; the commodity demand was up to 12.8 per cent in 2007 and is expected to go up 11.1 per cent by 2008, IISI said in the report.
The exchange has formed a new company -- NCDEX Spot Exchange--and senior officials said bullion will be one of the important products in spot market trading.
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